Top mortgage lender NewRez has added to its line of “Smart Series” non-QM products, launching a 40-year fixed-rate interest-only mortgage loan.
With the 40-year IO mortgage, borrowers make interest-only payments for the first 10 years, which NewRez says increases their purchasing power and allows for more affordable monthly payments. (It also slows the amount of equity borrowers have in the property.)
The new product comes amid mortgage rates around 6.25% and declining home sales.
“We are continually enhancing and updating our Smart Series products to ensure we are providing competitive non-QM financing options for our clients in current details ⇒
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